Snowflake’s stock soared 111.6% and JFrog’s stock jumped about 50% on their stock market debut.
Two software companies, Snowflake Inc (NYSE: SNOW) and JFrog Inc (NASDAQ: FROG) debuted on the stock market on Wednesday and the demand for the stocks was off the charts. Snowflake’s share price soared 111.6% and closed at $253.93, more than double its IPO price of $120. The valuation shot up to $70 billion, making it the biggest debut for a software company in history. Snowflake is now more valuable than Uber Technologies Inc., Dell Technologies Inc. and General Motors Co. JFrog’s stock price jumped about 50% to close at $64.79, valuing the company at more than $5.7 billion. Click here to read more
Facebook (NASDAQ: FB) just announced a partnership with Luxottica, the maker of Ray-Ban glasses, to release its first pair of smart glasses in 2021. Facebook and Luxottica will make the glasses as part of a multiyear partnership. Although he did not go into details about the product, Mark Zuckerberg said they are the next step on the road to augmented reality glasses and they look pretty good too. Click here to read more
Shares of Spotify Inc fell 1.2% yesterday after Amazon announced that it’s adding podcasts to its music streaming service. Amazon said that users in a few countries along with the U.S. will be able to stream podcasts, for free across all tiers of Amazon Music. It will also offer listeners both original and curated content. This launch is coming at a time when the podcast industry has become increasingly competitive. Click here to read more
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